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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) income $ (50,751) $ 24,794
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 2,234 2,078
Deferred tax (benefit) expense (13,375) 3,289
Impairment of other assets 413 137
Loss (gain) on digital assets, net 43,394 (23,691)
Loss (gain) on disposed investments 2 (2,000)
Gain on extinguishment of debt (20,377) 0
Staking and other (income) loss (2,700) 23
Other loss, net 77 462
Share-based compensation 8,279 5,755
Accrued interest income (2,252) (682)
Accretion of future purchase obligation 261 0
Other operating activities settled in digital assets and stablecoins [1] (4,053) (22,934)
Change in operating assets and liabilities:    
Safeguarded assets 2,445 0
Accounts receivable 2,519 231
Prepaid expenses (5,358) 333
Income tax receivable (1,770) 0
Other current assets (13,076) (2,411)
Other long-term assets 520 52
Customer deposit liabilities (6,574) 0
Accounts payable 2,317 1,980
Accrued liabilities 1,303 1,130
Payroll liabilities 4,407 0
Other long-term liabilities 0 21
Net cash used in operating activities (52,115) (11,433)
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash acquired in acquisition, net of cash paid 342,296 0
Investment in Simple Agreements for Future Equity notes ("SAFEs") 0 (100)
Purchase of equity security (200) 0
Proceeds from the sale of disposed investments 0 2,000
Purchases of fixed assets (98) (143)
Purchase of treasury bills 0 (4,938)
Redemption of treasury bills 0 30,700
Purchases of digital assets (1,712) (1,580)
Disposal of digital assets held 76,915 10,392
Other investing activities (907) 0
Net cash provided by investing activities 416,294 36,331
CASH FLOWS FROM FINANCING ACTIVITIES    
Repurchase of shares to pay employee withholding taxes (2,055) (9,848)
Exercise of stock options (5) 0
Net cash used in financing activities (2,060) (9,848)
Effects of exchange rate changes on cash (11,978) 0
Change in cash and cash equivalents and restricted cash 350,141 15,050
Cash and cash equivalents and restricted cash, beginning of period 4,938 37,883
Cash and cash equivalents and restricted, end of period 355,079 52,933
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Non-cash issuance of stock 14 26
Non-cash fair value of loans receivable settled as acquisition consideration 106,900 0
Non-cash deferred purchase consideration recognized in connection with the acquisition 24,800 0
Fixed assets purchased with digital assets 0 (36)
Non-cash capitalized software costs settled in digital assets and stock (including stock-based compensation of $271 and $179, respectively) (1,924) (1,060)
Non-cash capitalized interest on loans receivable 2,786 0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for income taxes $ 4,165 $ 1
[1] See "Note 6 - Digital Assets".